Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/289116 
Year of Publication: 
2020
Citation: 
[Journal:] Evolutionary and Institutional Economics Review [ISSN:] 2188-2096 [Volume:] 17 [Issue:] 1 [Publisher:] Springer Japan [Place:] Tokyo [Year:] 2020 [Pages:] 111-131
Publisher: 
Springer Japan, Tokyo
Abstract: 
This article outlines relevant economic patterns in a world with artificial intelligence (AI). Five specific economic patterns influenced by AI are discussed: (1) following in the footsteps of ‘homo economicus’ a new type of agent, ‘machina economica’, enters the stage of the global economy. (2) The pattern of division of labor and specialization is further accelerated by AI-induced micro-division of labor. (3) The introduction of AI leads to triangular agency relationships and next level information asymmetries. (4) Data and AI-based machine labor have to be understood as new factors of production. (5) The economics of AI networks can lead to market dominance and unwanted external effects. The analytical perspective is rooted in institutional economics and serves to integrate findings from relevant disciplines in economics and computer science. It is based on the research proposition that ‘institutional matters’ are of high relevance also in a world with AI but that AI gives a new meaning to these matters. The discussion unveils a reinforcing interdependence of the patterns portrayed and points to required research.
Subjects: 
Artificial intelligence
Division of labor
Methodological individualism
Principal–agent problem
Economics of networks
Entrepreneurial economics
JEL: 
A12
B12
B15
B25
B4
L2
L40
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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